SEC Sues Addington Hedge Fund Manager

GRAND RAPIDS, MICH. (CN) - Hedge fund manager Daniel Jones and Azure Bay Management deceived investors and hid losses in The Addington Fund, prepared and published false statements about the fund's finances since 2005, while taking fees of at least $135,000 based on the fund's false performance, the SEC claims in Federal Court. Jones, 42, of Battle Creek, president of Addington, took $16,500 in unjustified fees as recently as September, the SEC says. See complaint.

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